(Toronto) CIBC reports higher net income for the second quarter of the current fiscal year compared to the same period of 2022.

In the three-month period ending April 30, earnings reached $1.688 billion, or $1.76 per share, compared to $1.523 billion, or $1.62 per share in the second quarter of 2022.

On a diluted basis, net earnings increased over the same period, from $1.652 billion to $1.627 billion, but there was a decline in adjusted stock earnings, from $1.77 to $1.70.

In one year, CIBC’s revenues increased in the second quarter, from 5.376 billion to 5.702 billion.

The Toronto-based institution reports that net income in its Personal and Small Business Banking segment, Canada region jumped 28% to $637 million.

Alongside its earnings release, CIBC announced an increase in the quarterly common share dividend from $0.85 to $0.87 per share for the quarter ending July 31.

Company quoted in this dispatch: CIBC (TSX: CM)